China's market meddling is reported, U.S. govt.'s isn't

Writing in The New York Times today, Richir Sharma, chief global strategist at Morgan Stanley Investment Management, argues that the U.S. dollar will remain the world's most trusted currency despite China's efforts to internationalize the renminbi.

"The renminbi," Sharma writes, "has gained no ground as a reserve currency and probably won't as long as China's financial markets remain largely closed, underdeveloped, and subject to government meddling."

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Maybe so, but then GATA's work has documented that markets in the United States may be just as much as subject to government meddling as China's, from surreptitious government interventions in the gold futures market to the markets for all financial and commodity futures operated by CME Group: